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Argentina seeks IMF AID to avoid economic crisis

Argentina has requested aid from the International Monetary Fund to avoid an economic crisis in the country.

The chief of staff of the Argentinean government, Marcos Pena, said Saturday that asking the IMF for a "line of financial aid" was necessary in order to avoid an economic crisis in the country.

Pena said that talks between Buenos Aires and the financial body were only focused on this topic, adding that the government is not "asking the IMF for an economic program."

Argentina turned to the IMF for help after two weeks of currency volatility, which saw the U.S. dollar reach a high of 2,018 against the peso.

The Argentinean Central Bank has already intervened in the market to halt the slide of the peso, increasing its base interest rate to 40 percent.

On Tuesday, Argentina's Treasury Minister, Nicolas Dujovne, travelled to Washington to meet IMF chief Christine Lagarde to discuss the amount and conditions of any financing.

Analysts believe the IMF is likely to offer between 20 and 30 billion dollars to Argentina, although Buenos Aires needs to account for a similar amount next Tuesday due to the expiration of treasury bonds.